Ann: 2023 AGM Presentation, page-43

Makes sense.

There is only one question then to the company ...

It also solves the Thai guys concern on low stock price. Stock price would likely DOUBLE quickly pre ex-div date as given Australia boomers and financial advisers want franking credits. They hunt for yield

Here is what you write to Investor Relations

...

"With 27 cents of franking credits that are growing 4m p.a why not pay out this balance as a special dividend? This is a dividend yield of 30 percent.

The ATO enables special dividends for any company that pays tax in year. Very common practice in LICs.

By Dusk paying a special dividend the company retains all flexibility for M&A or growth in network, without paying out a dividend from statutory earnings or the $16m in net cash.

The company should also revisit why it is electing to pre-pay tax as the cashflow tax exceeds the P&L tax paid leading to a tax asset of $10m. Every year for last three. Without addressing the balance grows. Pull the money from the ATO and net cash instantly moves to $26m or half market cap. Companies typically pay tax post annual and run tax deferred liabilities.

......


At the stroke of a pen, stock rises without impinging on business model. Happy yield hunters. Happy thai guys